On March 24, Asia-Pacific stock markets opened higher but then retreated. The Nikkei 225 Index initially surged by 1,000 points but has since narrowed its gains to 0.57%. The Korea Composite Index opened 4% higher, with its latest increase also shrinking to 0.52%.

In the A-share market, the three major indices opened higher collectively. However, the ChiNext Index turned negative first, despite having risen nearly 1% earlier. Sectors such as oil and gas, chemicals, precious metals, and coal led the declines.

In specific sectors, the green power concept continued its strong performance, with computing-power synergy leading the gains. Shaoneng Group hit the daily limit-up, marking its fourth limit-up in five trading days. Hunan Development also reached the limit-up, while Huadian Liaoneng approached it. Companies like Disen Group, Huayin Electric Power, and LiXin Energy followed with gains. The momentum follows an announcement on March 23 by the National Data Administration, which stated that it will collaborate with relevant departments to advance computing-power synergy projects. The goal is to ensure that green power accounts for over 80% of newly built computing facilities in key hub nodes, maximizing the supportive role of green energy.

Oil and gas stocks accelerated their decline after the opening. Heshun Petroleum fell more than 7%, while Zhouji Oil & Gas dropped nearly 7%. PetroChina, Sinopec, and CNOOC all declined over 2%.

In the Hong Kong market, the Hang Seng Index and the Hang Seng Tech Index also opened higher but retreated. As of the latest update, the Hang Seng Tech Index turned negative, falling over 0.3%. LAOPU GOLD opened nearly 15% higher, with its latest gain exceeding 8%.

Institutional analysts caution against impulsive trading. The question on everyone's mind recently has been when the market will bottom out. Overall, the formation of a market bottom requires two key signals: first, a de-escalation of tensions in the Middle East leading to lower oil prices; and second, a full clearance of panic selling accompanied by shrinking trading volumes.

Advice from institutional sources suggests limited activity in the short term. Zhang Pengyuan, a researcher at Paipai Network Wealth, highlighted specific short-term indicators to watch: stabilization with reduced volume, improvement in the number of advancing versus declining stocks, and consistent inflows from northbound capital. Until these signals appear, investors are advised to exercise restraint. Additionally, developments in the Middle East, oil price trends, and expectations regarding Federal Reserve policies are external variables that will influence the strength of any rebound. Zhang believes that the fundamentals of A-shares have not deteriorated systematically. The short-term market may continue to digest recent movements through volatility, but as sentiment gradually recovers, structural opportunities will eventually emerge around undervalued defensive assets and high-quality growth assets.

For the medium term, the focus should be on "misjudged" and "genuine growth" stocks. Institutional perspectives suggest that medium-term allocations can revolve around "defensive plays, certainty, and adjusted growth sectors."

First, high-dividend and energy stocks serve as anchors. Zhang noted that sectors like power and utilities, with their stable cash flows and dividend advantages, act as safe havens for core holdings. Second, the offensive spear consists of AI and resource-related commodities.

Zhang Kexing, General Manager of Beijing Gray Asset Management, believes that AI and resource commodities remain key themes for the year, and the recent adjustments present opportunities for phased accumulation.

Minmetals Capital Fund pointed out a new logic for AI: expansion from computing power to "storage capacity + computing power + power." The substantial electricity demand driven by AI data centers is expected to boost demand for grid and power equipment.